The Reserve Bank of India has issued multiple Master Directions consolidating instructions issued to Authorised Persons and Authorised Dealer banks under the Foreign Exchange Management Act, 1999. These Master Directions compile operational, procedural, and reporting requirements relating to foreign exchange transactions including reporting, imports, exports, remittance facilities, and external commercial borrowings. Each Master Direction replaces earlier circular-based instructions and is updated periodically to reflect regulatory changes. The Directions are applicable to Authorised Persons, Authorised Dealer Category–I banks, Authorised Dealer Category–II entities, and other regulated persons as specified therein.

1. Master Direction – Reporting under FEMA, 1999 (FED Master Direction No. 18/2015-16)
   This Master Direction consolidates all reporting requirements and prescribed forms to be submitted under FEMA through or by Authorised Persons. It covers reporting across remittances, foreign investment, overseas direct investment, trade transactions, guarantees, compounding, licensing of NBFCs as AD Category–II, and late submission fee matrices, as consolidated in a single reporting framework.
2. Master Direction – Import of Goods and Services (FED Master Direction No. 17/2016-17)
   This Master Direction consolidates instructions governing import of goods and services into India, including remittance procedures, import payment timelines, evidence of import, advance remittances, deferred payment arrangements, guarantees, merchanting trade, gold and precious metals imports, and reporting through IDPMS, applicable to Authorised Dealer Category–I banks.
3. Master Direction – Export of Goods and Services (FED Master Direction No. 16/2015-16)
   This Master Direction consolidates regulations and directions relating to export of goods and services from India, including realization and repatriation of export proceeds, EDF/SOFTEX procedures, third-party exports, export factoring, project exports, write-off of unrealised export bills, and monitoring through EDPMS, applicable to exporters and Authorised Dealer Category–I banks.
4. Master Direction – Other Remittance Facilities (FED Master Direction No. 8/2015-16)
   This Master Direction consolidates instructions on miscellaneous remittance facilities for residents, including release of foreign exchange, remittance facilities for resident individuals under LRS, non-trade current account transactions by AD Category–II entities, operational instructions, and income-tax clearance requirements.
5. Master Direction – External Commercial Borrowings, Trade Credits and Structured Obligations (FED Master Direction No. 5/2018-19)
   This Master Direction consolidates the framework governing External Commercial Borrowings and Trade Credits, including eligibility, limits, all-in-cost, reporting requirements, delegated powers to AD Category–I banks, security creation, refinancing, conversion into equity, and trade credit frameworks, issued under FEMA borrowing, lending, and guarantee regulations.